SK Hynix, a South Korean chipmaker valued at about $1 trillion, filed for American depositary receipts to Nasdaq. Investors placed orders for more than seven times the shares on offer. The heavy subscription indicates strong demand ahead of pricing.
The ADR debut comes after a government-backed plan to invest $732 billion into the company. The size of its support has led observers to question governance and oversight. Analysts say this move could test market capacity and bring scrutiny over the backing arrangement.